Dallas High School
Dallas
School District
Box 2000
Dallas, Pennsylvania 18612
College and Your Finances
Just about everyone is interested in information on
financial aid. Don’t assume that you cannot afford a particular college
or university until you have investigated all aspects of financial aid.
There are two basic categories of financial aid, merit-based
and need-based. Merit-based
is generally given in recognition of special skills, talents and/or academic
ability. These include merit scholars, top ten percent of the class,
outstanding athlete, accomplished musician, etc. The second category,
need-based, represents the major portion of help available for post-secondary
education. Need-based (commonly called financial need) is
the difference between what it will cost to attend the post-secondary
institution and what the family will be able to pay (expected family
contribution). There are basically four categories of financial aid:
·
GRANTS - money given to the student, usually because of financial
need
·
SCHOLARSHIPS - money awarded because of academic achievement,
outstanding talent or skill, and/or financial need
·
WORK STUDY - money the student earns through a job on campus
·
LOANS - money that must be paid back
Grants and scholarships are free money that do not have to
be paid back. Loans and work study jobs are considered self help.
It makes sense to apply for grants and scholarships before taking out
loans. A college will put together a financial aid
"package". This package is a combination of grants,
scholarships, loans, and/or work study. A package varies from college to
college so it is important to compare financial aid packages.
APPLYING FOR FINANCIAL AID
There are two financial aid forms that you need to be aware
of - the FAFSA (Free Application of Free Student Aid) and the College Profile,
required by some colleges and universities.
The FAFSA must be completed by all students interested in
obtaining financial aid. This form will be mailed to every senior who has
taken the SAT in the spring of their junior year. The form will arrive in
December of the senior year and cannot be filed prior to January 1. It is
recommended that families complete their income tax form before completing the
FAFSA as a lot of the same information will be needed. Approximately 3-10
weeks after you have mailed your FAFSA, you will receive a SAR (student aid
report) which will inform you of your EFC (estimated family contribution).
This is the amount they have determined you can afford to pay for education
that year. If the cost of the college is more than your EFC, you have a
financial need and should be eligible for financial aid. This aid may
come in the form of grants and or loans.
In addition to the FAFSA, some private colleges require
submission of the CSS/Financial Aid Profile. The Profile is a
supplemental need analysis document used to determine eligibility for private,
nonfederal funds. The Profile requires a registration fee and an
additional fee for information sent to each college. We recommend that this
form be completed only when required by a school.
Two Financial Aid Workshops are offered at Dallas High School generally in the months of October and February each school year. In addition financial aid presentations are availble at most college fairs, such as Luzerne County Community College Annual College Night.
Complete the FAFSA as early as possible, even if you feel
you will not quality for any need based aid because of your income.
Colleges verify that students are not eligible for federal or state aid before
they award institutional and/or private funds. Some loan programs require
the FAFSA. Make a copy of your FAFSA before you mail it. Also keep
a copy of your income tax return forms. The FAFSA must also be completed
in order to be eligible for a federal Pell Grant.
Parents and students often find that they must take out a
loan to finance educational expenses. Lending institutions provide
Stafford loans to students and PLUS loans to parents. Repayment of a
Stafford loan begins after the student has graduated. The Subsidized
Stafford Loan is for students with financial need and the unsubsidized Stafford
Loan is for students without financial need. (The government pays the
interest on Subsidized Stafford Loan). PLUS loans are not based on
financial need and repayment begins within 60 days.
Other ways to finance a college education include co-op
programs and military programs. Money can be saved by attending a local
community college and then transferring to a four-year college after one or two
years. Not all students live on campus but commute to college, saving
room and board expenses.
SCHOLARSHIPS
Scholarship money sometimes goes unclaimed because many
scholarships have very specific eligibility criteria. Academic
scholarships generally require a 3.5 GPA or better, high SAT scores, excellent
recommendations, and high involvement in extracurricular and community
activities. Athletic scholarships or special talent scholarships go to
the student who has demonstrated outstanding abilities.
When looking for scholarships, please consider the
following:
·
Start looking for scholarships during your child’s junior year.
·
Contact the financial aid office when applying to colleges to learn
about scholarship opportunities.
·
Apply for local scholarships. The high school guidance office has a
filing cabinet devoted to scholarship opportunities.
·
Scholarship deadlines are not flexible. Some scholarship
applications are due soon after being publicized.
·
Scholarship opportunities are often overlooked. Be sure to check
with your place of employment, your church, and other organizations that you or
your family are associated with to see what scholarship opportunities they
offer.
·
The guidance office has books and computer access where scholarship
opportunities can be found.
·
Check to see if financial aid and scholarships are renewable.